How do I get 28 more Points to be able to get a stated mortage loan?

I have done everything up under the sun and it has improved my FICO scores tremendously. I have paid all credit cards down to zero balance, had 30 day late payments removed, and have paid bills on time. My FICO went from 539 to 565 to 584 to 645 which is where it is now. But my middle score is 622 (experian). My income is not effecient enough to get approved for the amount I need to purchase a house in a good location. I want to buy a house but Im also trying to buy location for future investment oppurtunities. I'm trying to get in position to get a no-doc or stated loan because I need to be able to get a loan for at least 175K. And I need to get to at least 640 mid score. At least that is what I was told from a broker. I don't know what else to do to get the other 28 points after I have already paid cards had 30 late payment removed. Its always something. Now my scores are somewhat o.k. my DTI is around 18-20% but now I don't make enough money. My salary is only 31K. Any suggestions?

1) You can opt out of getting any credit card offers, which will help. @ www.optoutprescreen.com
this will bring your score up from 10 - 20 pts usually in a couple of weeks normally.
2) Just wait a month or so and it should be right where you need it to be as long as you鈥檙e not using your credit cards.
3) If you had some authorized user accounts added to boost your score to where it is that will all end in September when all the new score systems are updated.

Going stated
this is where it gets a little tricky. Basically you are overstating your income to buy a house that you want. A lot of lenders are frowning on this and considering it fraud (usually only if they loose money on the loan from foreclosure or late payments.....funny how this happens) It was basically designed to streamline you getting your loan closed without supplying paperwork (usually for self employed borrowers) but who is to say your wife/ significant other isn't helping you either. basically don't buy more then you can afford.

Start off with your house first and see how it goes. Maybe find a foreclosure in those same neighborhoods that needs some fixing up. You would be surprised the work you can get some friends to do when you bbq and get some beers.

you also mentioned future investment opportunities ... watch out for scammers there are a ton of them out there (buying investment properties from investors, foreclosure bailouts, buying a bunch of houses all at once)

get yourself a good realtor that is key.... a real baller .... one who knows the neighborhoods .... checking every day to see if something new came up that morning and calling you on it. they work for you. They have the contacts at the banks know where to bid and who to talk to to get it done. (You don鈥檛 want one who spends as much time at starbucks as they do fixing there hair) Find one you can relate too ...

Good Luck with the new house!!

Opting out of receiving credit card offers DOES NOT affect your credit score. The only reason that your credit score would be affected by getting unsolicited offers is if you responded to them to ask for credit and there were inquiries that occurred. Report It

YES. Go through another mortgage company. They are being to anal. Someone will approve you with the credentials you have.

For the guy a few below me.. Why on earth would his mortgage payments be 2000 with a 175k loan? My mortgage payments are less then 2000 on a 325k loan. your customers must be getting ripped off quite bad. Based on average mortgage calcuations a 175k loan should be around 1100 a month.

Try opening a new account-preferably a very small loan-and pay that off. My bank offers loans that are secured with a CD. So not only is there no credit check (which takes 5 points off your score) But your money's earning a pretty decent rate of interest in the CD. Check with your local credit union and see if they could do a secured CD loan there. It bumped my score up 10 points in the first month just by opening it.

open a new line of credit and dont use it

I don't get it. Your DTI is 18-20% yet you need a stated income or no-doc loan?

I'd be more concerned, if I were you, about how I'm going to make a $1800-2000 mortgage payment when you gross $2583/mo. You probably barely net more than $2000. I assume you like to eat? Have a car that uses gas?

You're trying to get your scores up to the point where you can bury yourself in debt again and screw it all up. Think about it.

175K at 7% is about $1150 per month. Will you be getting rental income from the property? have you included taxes/insurance/gas/oil/electric/food/re... and spending money into your estimate?

620 is sufficient if you have money to put down. But I agree that you wouldn't want to bite off more than you can chew...with property taxes and insurance, your payment will be half your gross and more than half your net. That's unsafe. Finally, you can't overstate your income to get a stated income loan. That's mortgage fraud and spells jail time and fines if you are caught.

It sounds like you are doing all the righ tthings. Keep doiong them for another 6 months or so and your credit will rebound. Also, don't keep zero balances. Keep very small balances and may be consider closing some accounts. If you have too much available credit that can hurt your score too. Lenders think you have paid everything off just so you can run it up again when you get your new house. Fair, no, true, yes.

So, close an account or two. Put a small balance on your cards like pay for all your groceries on the cards but pay them off each month. Like when you get home online, so the money doesn't just sit in your account. Wait another 6 months. And finally, talk to a couple of different lenders, someone may be aboe to pull a favor.

You DTI is low enough to go higher on the loan amount.
Find another lender, With a 640 mid score you are NOT going 100% LTV, NO DOC and stated the rate would be higher than full doc.

Just talk to another lender..........

What do the negative reasons on your credit score report say? Try doing something to fix the top 2 or 3 reasons that your score is lower on your report.

For instance, if it says that you have too many accounts open, close one or two of the smaller ones. If it says you don't have enough accounts, you may need to get another account, but be careful in how many you apply for because inquiries will drop your score. If it says that your debt to credit ratio is too high, either pay down more of the debt, or see if one or more of your accounts will give you a credit line increase without doing an inquiry on you.

If you can't get your score up enough for now, just keep paying your bills on time and saving money for a downpayment. As your derogatory marks age off your report, your score will increase as long as you don't add any new derogatory marks.

However, getting a 175k loan on a salary of only 31k will be quite a stretch - the loan will be nearly 6 times your salary, and you will be a shining example for the term 'house poor' - where you need to devote all your money to your home and can't afford to do anything else. So waiting and saving money is probably a better option for you financially at this time.